Biden Proposes Small Business Tax Credit to Offer Employees Paid Leave for Vaccination | Biden Proposes Small Business Tax Credit to Offer Employees Paid Leave for VaccinationFinancial Buzz

Biden Proposes Small Business Tax Credit to Offer Employees Paid Leave for Vaccination

President Biden announced that he will be offering a tax credit to small businesses to provide their employees paid leave while getting vaccinated and recovering from any potential side effects. The tax credit will be funded by the American Rescue Plan and reimburse businesses with under 500 employees up to USD 511 per day for each employee receiving paid leave. Currently, the U.S. has reached a major milestone of over 200 million doses of COVID-19 vaccines administered to date. Over 80% of seniors have been vaccinated, however, it’s estimated that just 43% of working adults are vaccinated. In fact, according to an Axios report, as more vaccine doses have been administered, the rate of vaccine hesitancy has increased significantly.

Many Americans were concerned about potential side effects from receiving a vaccine. Doctors, however, have assured the public that some side effects are normal, such as a fever or nausea. Pfizer and Moderna’s vaccines have been proven to be safe and effective, however, reports of rare blood clots attributed to AstraZeneca and Johnson & Johnson have further dissuaded some from receiving a vaccine. Nevertheless, the vaccine tax credit may offer a practical solution to this dilemma. A study found that 30% of unvaccinated employees would be more willing to receive a vaccine if offered an incentive, and 80% want their employers to provide paid leave for any potential recovery.